Recoton Corporation Reports Loan Paydown
22 January 1999
Recoton Corporation Reports Loan Paydown
LAKE MARY, Fla.--Jan. 22, 1999--Recoton Corporation (Nasdaq National Market: RCOT), a leading global consumer electronic accessories, loudspeaker and car audio company, announced today that, through its internal cash flow, the Company has reduced by $15 million its borrowings under its revolving credit facility. In accordance with the terms of the multibank credit agreement, the maximum amount available under such facility has been reduced to $86.5 million.Recoton Corporation is a global leader in the development, manufacturing and marketing of consumer electronic accessories, loudspeakers and car audio products. Recoton's more than 4,000 products feature highly functional accessories for audio, video, car audio, camcorder, multi-media/computer, home office, cellular and standard telephone, music and video game products and 900 MHz wireless technology headphones and speakers. They are sold under the AAMP(R), Ambico(R), Ampersand(TM). AR(R)/Acoustic Research(R), Discwasher(R), InterAct(R), Parsec(R), Peripheral(R), Performance(TM), Recoton(R), Rembrandt(R), Ross(TM), SoleControl(R), SoundQuest(R) and Stinger(R) brand names. The Company also produces and markets audio components, high fidelity loudspeakers, home theater speakers and car audio speakers and components which are sold under the Advent(R), AR(R)/Acoustic Research(R), HECO(TM), Jensen(R), MacAudio(R), Magnat(R), NHT(R) (Now Hear This), PhaseLinear(R) and Recoton(R) brand names.
This press release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. Such statements speak only as of the date made. Please refer to the Company's Form 10-K and other SEC filings.